CEC Bank Jan-April net profit in excess of RON 20 million

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CEC Bank’s Jan-April 2009 net profit stood at RON 20.3 million, as to RON 47.4 million in the same period in 2008, for assets worth a total of RON 17.089 billion, bank officials announced on Wednesday.

The institution’s profit also includes the amount of RON 190.9 million cashed from the sale of the bank’s participation in insurer Asiban, which was taken over by French insurer Groupama.

„The RON 20.3 million achieved in net profits is above budget projections, reflecting mainly a 13.35 percent advance in gross current operating outcomes (before the establishment of provisions) from the same period the previous year,’ reads a CEC Bank release.

The main concern of the bank over the first four months of the year has been to identify projects qualifying for financing from SMEs, farmers, local authorities and public local administrations.

The bank has so far financed over 2,053 projects eligible for European funding with a cumulative value of grants of RON 551 million.
The institution’s solvency ratio at the end of Q1 2009 was 15.88 percent, and the loan-to¬deposit ratio was 73.85 percent.

The share of past due date and doubtful loans of the total credit portfolio was 1.81 percent on April 30 and the share of provisions of the total credit portfolio was 3.46 percent on the same date, proving a very good coverage.

For the period to come, the bank will focus on achieving the strategic goals related to setting in place the necessary resources and continuing at a sustained pace lending to SMEs, agriculture, public local administrations and bankable projects capable of contributing to economic development, job generation and maintaining. CEC Bank will also be an active element in supporting customers to access EU funds.

On 30 April 2009, CEC Bank had 1,381 units serving 2.87 million clients, a 738-strong network of ATMs and more than 690,000 active cards. CEC Bank employs 6,580 staff.

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